Hamet Watt, co-founder of MoviePass, is moving on from the company’s dramatic downfall to launch Share Ventures, a new venture studio aimed at developing and funding startups.
Watt, who introduced the revolutionary idea of a monthly subscription for unlimited movie access with MoviePass in 2011, has revealed to Business Insider that Share Ventures has garnered nearly $20 million in funding from prominent backers, including Alphabet and Amazon. The studio’s focus is on startups within the future of work and health longevity sectors.
He believes that recent trends such as the AI boom and high interest rates have created an opportunity for a new venture capital model. Share Ventures is set to develop its own software and advanced language models to streamline its operations, allowing for more efficient investment opportunities.
Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
Watt noted that while many venture firms are investing in innovative technologies, they often fail to fully integrate and utilize these tools in their processes. He highlighted that leveraging novel data and automation is a distinctive aspect of Share Ventures.
His personal experience with loss has shaped his focus on health and longevity, stemming from the death of his mother when he was just 25. “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time,” he reflected.
Watt remains motivated to innovate despite his experiences with the collapse of MoviePass, which he explored in the documentary “MoviePass, MovieCrash.” He expressed a desire to learn from his past, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”